32-Unit Multifamily Value-Add
For Sale
$8,900,000
1570 North Street, Santa Rosa, CA 95404
32-unit multifamily community on 1.14 acres with recent capital improvements, on-site parking, and a swimming pool.
Property Size31,600 SF
Lot Size1.14 Acres
Price / SF$281.65
Days on Market133
Property Features for 1570 North Street
General Information
Standard status
Active
Size
31,600 SF
Lot size
1.14 Acres
Property subtype
General Commercial
Occupancy
97%
Additional Details
Highway Access
Yes
Multifamily Units
32
Amenities
pool
on-site parking
Electric
3
Flat
Carport.
Building Details
Year Built
1960
Tenancy
Multi
Listing Agency:
CBRE, Inc.
(408) 453-7400
Listed By:
Adam Foley · License #02144332
(408) 893-8063
Source:
Xome
Added: Apr 27
Changed: Sep 2
Last Checked: Sep 6 at 6:23AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of CBRE, Inc.
Investment Insights
Based on property information with market context.
North Street Apartments is a 32-unit value-add multifamily community in Santa Rosa. Built in 1970 on 1.14 acres, the property features a unit mix dominated by 2BR layouts, with an average unit size reported at 988 SF. Recent capital improvements include reroofing, exterior painting, asphalt work, pool updates, lighting, and landscaping. The community also offers a pool and on-site parking.
The property is located in a quiet residential area near Santa Rosa Junior College, Downtown Santa Rosa, and Highway 101. An existing 30% RUBS program is noted in the public remarks, and in-place occupancy is reported at approximately 97%.
Recent improvement efforts are paired with a described renovation plan that targets additional rent growth in a portion of the remaining units through interior upgrades, including laminate flooring, kitchen and bath finishes, and in-unit washer and dryer installation.
The property is located in a quiet residential area near Santa Rosa Junior College, Downtown Santa Rosa, and Highway 101. An existing 30% RUBS program is noted in the public remarks, and in-place occupancy is reported at approximately 97%.
Recent improvement efforts are paired with a described renovation plan that targets additional rent growth in a portion of the remaining units through interior upgrades, including laminate flooring, kitchen and bath finishes, and in-unit washer and dryer installation.
Key Highlights
- 32‑unit multifamily community on 1.14 acres in Santa Rosa
- 2BR‑dominated unit mix averaging 988 SF and 97% occupancy
- In‑place rents average $2,384 with $94/unit immediate mark‑to‑market upside
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$551,967
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.20%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$11,039,340
$11.0M
Cap Rate 7%
$7,885,243
$7.9M
Cap Rate 9%
$6,132,967
$6.1M
Market Conditions
NOI Build-Up for 31,600 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$1.05M $33.36/SF
− Vacancy
−$50.6K −$1.60/SF
EGI
$1.00M $31.76/SF
− OpEx
−$451.6K −$14.29/SF
NOI
$552.0K $17.47/SF
Area
Santa Rosa, CA
Vacancy
4.80%
Lease Rate
$33.36 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$11,039,340
Cap Rate 7%
$7,885,243
Cap Rate 9%
$6,132,967
Alternative Uses
Best Use
Apartment 5plus
$7.89M
$6.90M – $9.20M
NOI $551,967 @ 7.0% cap · market cap 6.20%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$8.78M
$7.68M – $10.24M
NOI $614,560 @ 7.0% cap · market cap 6.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
32
Residential units
97%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
807
Businesses Nearby
Explore this area
Business Placement
Demographics for 95404, CA
38,034
Population
16,850
Households
2.3
Avg Household Size
43
Median Age
45%
College-Educated
90%
High-School Grad
75.4 sq mi
ZIP Area
504
Density / Sq Mi
$102,802
Median Household Income
$57,388
Median Earnings
$1,890
Median Rent
$865,900
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - 32-unit multifamily community on 1.14 acres with recent capital improvements, on-site parking, and a swimming pool.
Where is this apartment building located?
The property is located at 1570 North Street Santa Rosa, CA.
What is the asking price?
The asking price for this property is $8,900,000.
What are key features of this property?
This property features: 32‑unit multifamily community on 1.14 acres in Santa Rosa; 2BR‑dominated unit mix averaging 988 SF and 97% occupancy; In‑place rents average $2,384 with $94/unit immediate mark‑to‑market upside
